yes.... simply add another layer to your image ...move it so it becomes the BOTTOM layer ... then adjust the opacity of the layer with the image ...you should start to see the checkered background show through ... try setting it at something like 80% to start with.
Major Tip: Each time you export the age (when trying a new degree of transparancy) ... make sure you delete the image from the tex_chache for your age (in the Dat folder) ...